The Bags, despite everything, are in a good mood. Confirmation came in today's session. Despite the inauspicious outcome of the Spanish auction, which would have caused an abyss not a few weeks ago, the markets have resumed their upward path. For no reason, at least apparently.
Driving the rally were the rumors of an agreement that would allow a rapid entry into the arena of the bailout fund in addition to the sensations transmitted to Wall Street by quarterly accounts better than the "consensus", albeit in decline. And so the global Stoxx 600 index rose by 1%, an extension that brings it to the levels of early April: since the beginning of the year, the increase is 7%.
The Ftse Mib index of the Milan Stock Exchange gained 0,5%, Madrid 0,7%. In line with Paris +0,87% but less than Frankfurt +1,11%. The Nasdaq +0,94% was positive in New York. The Dow Jones scores +0,31%, S& P +0,18%.
In the morning, Madrid had been forced to accept a serious rise in yields in order to be able to place, with difficulty, a 3 billion euro bond at a yield of 6,93% (+6 basis points), the Spain-Germany differential rose at record levels at 572 basis points.
On the other hand, the Italy-Germany spread recovered to 475 basis points (-10 basis points). The only positive news of the day, as far as the debt crisis is concerned, is the great success of the auction of French securities: Paris placed 4,5 billion euros of OAT with yields at their lowest since 1999. It is the signal that the crisis is limited to the countries of Southern Europe, despite the efforts of the peripheral countries to return.
In Europe, the Stoxx technology index rose by 2,5% thanks to the driving force of Nokia Up 12%, the stock rebounded from all-time lows on the day the quarter's data was released. The loss exceeded expectations but there was some good news from the cash position. He took advantage of it stm which gained 2,7%.
Best blue chip Buzzi +6,3%. Worst title in the main basket Telecom Italy -7%: yesterday the Brazilian telephony regulator fined it in Brazil by prohibiting the sale of mobile telephony services in 19 states of the country
Banks are on the rise, albeit with very different variations. Unicredit +2,7%, Intesa Sanpaolo + 0,6% Banco Popolare + 3,6%. Generali reversed this morning's losses and finished up 0,4%. Strong volatility for Fondiaria Sai which goes from -12% this morning to +22% at the end of the session.
